Voluntary Insolvency
Voluntary Insolvency
Voluntary insolvency is when you cannot pay your business debts and your business assets are worth less than your debts. If you do not clear these debts quickly, then the insolvency will lead to bankruptcy (individuals) or winding up (companies only).
Voluntary insolvency ultimately become bankruptcy, but individuals whose businesses have failed through no fault of their own are generally discharged from this process within a year. However this may have a longer term impact on your credit rating.
Voluntary insolvency rules differ in Scotland and Northern Ireland. If you want free independent advice on dealing with voluntary insolvency, complete the Debt Management Advice form and an experienced financial specialist will contact you to discuss your options.
Alternatively click on debt advertising links below: